Blueprint Helps Sell East Coast Nursing Home; $21 Million HUD Loan For Greystone

Blueprint Healthcare Real Estate Advisors recently announced its involvement in the sale of a 120-bed skilled nursing and long-term care facility in Erie, Pennsylvania. 

The facility is reportedly in a competitive submarket and its operating performance had been improving prior to the COVID-19 pandemic.

Blueprint received as many as six bids from qualified prospects and the property was eventually sold to an East Coast-based equity investor partnered with a regionally focused operator.

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Cambridge Arranges Two Loans Totalling More Than $10 Million

Chicago-based Cambridge Realty Capital announced a pair of skilled nursing deal closings totalling over $10 million.

The two loans, a $2,400,000 HUD Lean loan and a $7,482,600, were for two separate skilled nursing facilities.

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One is a 125-bed skilled nursing and assisted living facility, North Country Senior Living of Collinsville, in Oklahoma, that was sold to an Oklahoma limited liability company on a 26-year loan.

North Country Senior Living reportedly has 90 skilled nursing beds and 35 assisted living beds, offers long and short-term stays, and provides physical, occupational, and speech therapy services for skilled nursing patients.

The other, a 202-bed skilled nursing/assisted living/independent living facility, Heartsworth Senior Living of Vinita, was arranged for the same owner on a 28-year loan.

Heartsworth Senior Living reportedly has 127 skilled nursing beds, 25 assisted living beds, and 50 independent living beds. It offers long and short-term stays, rehabilitation services, and a variety of other services for assisted living residents.

Underwriting for both transactions was done by Cambridge Realty Capital Ltd. of Illinois.

Greystone Gets $21 Million HUD Loan

Greystone provided a $20.74 million loan insured by the Department of Housing and Urban Development (HUD) for the financing of a 265-unit multifamily property in Rapid City, South Dakota.

The financing was originated for Tzadik Properties, LLC, by Greystone managing director Fred Levine.

The 265-unit workforce housing community offers one-, two- and three-bedroom units and features amenities such as an indoor and outdoor pool, basketball court, fire pits, exercise room, and spa.

The loan carries a 35-year term and 30-year amortization along with a low, fixed-rate.

Carnegie Capital Facilitates $8.5M in Acquisition Loans for Two Texas SNFs

Texas-based Carnegie Capital sourced and structured $8.5 million in acquisition loans for the purchase of two SNFs in north-central Texas with a total of 206 licensed beds.

The buyer is reportedly a national private fund partnered with regional and local operators who will manage the facilities.

The financing is structured as a hybrid bank-private loan at 80% loan-to-cost; the loan was also structured as interest-only.

J.D. Stettin, managing partner at Carnegie Capital, arranged the transaction.

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